Yes Richard was passionate and when I saw him in Sydney late...

Yes Richard was passionate and when I saw him in Sydney late 2015 I thought he was going to drive it well but I must admit he seemed to dissapear For the next 6 months right when he had started to nail it - I have spoken to him about this and I'd rather not go into detail here as it is all history now. Paul is a brilliant man and I believe he is focussed on the right things now and is more likely to fulfil his professional ambition that he was being involved in management/governance. He can still be a great asset for PYC if he wants to or he can just provide advice as needed. I never met Nick but I did get scared off by an old video Paul and he featured in around 2012 - seemed way ahead of where they were at and that proved correct.

The thing that impressed me most about Stephanie is that she has got a working knowledge of the science in a fairly short period of time - this is hard stuff to understand and I don't think she would be going into a negotiation without Rob along side yet but I have been impressed with her ability to understand it - enough to recognise commercial value. Her deal negotiation skills are what we are likely to need going forward and she has now surrounded herself with the right staff and board members to help make the right decisions - if I have learned anything in my semi sucessful career and governance roles it has been to surround yourself with the right people. She is pretty hardline about how to structure deals and I feel much more confident that we wont be doing deals like we have in the past - the optionality granted to Pharma over long periods of time was bad - Akki made the point that Paul was the only one to sign deals - that may be true but from what I have read and questioned about these were not the kind of deals I want PYC to sign in the future and I know Stephanie doesnt want them structured like that either.

Regarding a consolidation - I have been watching NEU to see how the market reacts to these things now - I believe they did theirs pretty much as a concession to the US market as the investors there are being primed for a significant stake so it may be a good lesson for PYC if they go down the consolidation path. Personally I believe we should do a 10-1 but there is no hurry - the register here is so tight the big tickets either need to approach the bigger holders or hope for a capital raise - currently I think below 5c the chance of either is very low, 5-7.5c maybe, 7.5-10c no doubt something could be done and above 10c the board would be nuts not to raise capital strategically. Management change, board change, strategy set, consolidation - if they are going the full reboot we might as well expect a name change in there too . . .

It smells like it wants to rally again but until we see a break of 4.5c and decent size bids left in above 4c I won't get too excited - could just be traders playing around chasing it.